An inheritance tax relief available on the transfer of agricultural property when certain conditions are met. Since March 1992 the relief has been at a rate of 100% or 50%. The 100% rate applies if the transferor has vacant possession of the property or the right to vacant possession within the following 12 months; it may also apply if the property was let after 31 August 1995. Otherwise the 50% rate applies. Houses or cottages on farmland may qualify for the relief if the Revenue is satisfied that they are occupied for the purposes of agriculture.